Following the UK Financial Conduct Authority's (FCA) decision to lift its 4-year ban on 8 October 2025 on offering cryptoasset-backed exchange-traded notes (cETNs) to retail investors in the UK, a steady stream of market...more
On December 15, 2025, the Nasdaq Stock Market LLC (Nasdaq) filed a proposal with the Securities and Exchange Commission (SEC) to amend the exchange’s rules to allow equity securities and exchange traded products (ETPs) to...more
The European Securities and Markets Authority (ESMA) has announced the launch of its first selection procedure for a consolidated tape provider (CTP) for over-the-counter (OTC) derivatives. ESMA encourages interested entities...more
Crypto is an extraordinary growth market with profound implications for foreign investment in the United States. The current U.S. administration has made a clear, specific, and demonstrable commitment toward development of...more
The Commodity Futures Trading Commission (CFTC) approved a plan submitted by commodities futures trading platform Polymarket to resume limited U.S. operations through a registered intermediary. The approval permits the...more
The Texas Stock Exchange (TXSE), based in Dallas, Texas, has received approval from the Securities and Exchange Commission to operate as an exchange, with plans to begin listing shares in 2026. TXSE was created to reduce...more
Since January, the U.S. federal regulatory landscape for digital assets has undergone a legislative and regulatory sea change. Major milestones include the passage of the GENIUS Act, which establishes a federal regulatory...more
Securities regulators signaled an openness to “innovation exemptions” allowing U.S. perpetual contracts and leveraged crypto markets to become competitive with offshore markets....more
The European Commission (EC) has published a draft delegated regulation amending Delegated Regulation 2017/567 as regards the obligation to provide market data on a reasonable commercial basis, the determination of what...more
As of 6 July 2026 (some rules took effect from March 2025), all final rules of the new FCA commodity derivatives position limits framework will come into effect. In addition, responsibility from the regime will transfer from...more
In 2010, the so-called “Flash Crash” of the U.S. stock market brought the overlooked practice of high-frequency trading into the spotlight for the first time. Initial efforts to study and curtail the practice, including a...more
The world’s first regulated private/public crossover market is significantly redesigned as a friction-free “private up” rather than “public down” market with rethought approach to disclosure and market abuse....more
On Friday, March 15, 2024, Commodity Futures Trading Commission (“CFTC”) Market Risk Advisory Committee (“MRAC”) convened two roundtables in Washington DC....more
UK Chancellor launches consultation on the proposed Private Intermittent Securities and Capital Exchange System (PISCES) as part of the Spring Budget. On 6 March 2024, HM Treasury published a consultation paper seeking...more
On October 4, U.S. Attorney for the Central District of California Martin Estrada announced the formation of a new task force, the Corporate and Securities Fraud Strike Force....more
In last week's Cabinet News and Views, we examined the U.S. regulators' approach to the digital asset space, with a focus on the assertion of jurisdiction by the CFTC, the SEC, prudential regulators, state executive and...more
We highlighted in a recent post regulators’ clear intentions to bring greater order to the cryptocurrency industry this year. The last three weeks have demonstrated that private litigants are not waiting on regulators to rein...more
Financial institutions M&A sector trends: stock exchanges/trading venues — H1 2021 and outlook for H2 2021 - Global FMI juggernauts snatch up fund platforms, trading venues and data analytics providers, under the...more
THE CHALLENGE: In the emerging cryptocurrency space, most investors store their assets in digital wallets, where—unlike traditional bank accounts—they earn no interest. In the last few years, cryptocurrency investors have...more
Europcar Drives CDS Down a Familiar Path - When Europcar defaulted on its debt, buyers of approximately $100 million of credit default swap (CDS) protection expected significant payouts due to the anticipated low recovery on...more
Crypto-asset trading is a fast-growing part of the financial sector. Some countries have wholeheartedly embraced crypto-assets; others have been reticent to permit widespread adoption. Generally, countries have interpreted...more
New figures from the Congressional Budget Office predict that U.S. government debt will, thanks to the pandemic recession, just about eclipse the size of the nation’s GDP—a level not reached since just after World War II....more
United Airlines is preparing to furlough as many as 36,000 workers—“nearly 40 percent of its global work force”—if the travel industry remains weak as summer turns into fall. The October 1 cuts would coincide with the end of...more
On September 30, 2019, the Securities and Exchange Commission announced that blockchain developer Block.one had agreed to pay a $24 million fine to settle charges that it had engaged in an unregistered offering of securities...more
Talks between General Motors and the striking UAW broke down yesterday, threatening the progress the two sides “appeared to make in recent days,” a troubling sign as the strike heads into its 4th week....more